It is a pleasure to be here again, and I am grateful for the opportunity to speak with you today on behalf of the Consumer Financial Protection Bureau on the subject of debt collections.
Corey Stone at the Senate Commerce Subcommittee of Consumer Protection, Product Safety, and Insurance
Credit reporting plays a critical role in consumers’ financial lives. Credit reports on consumers’ financial history and behavior can determine their eligibility for credit cards, car loans, and home mortgage loans – and they often affect how much consumers pay for their loans.
Written Testimony of Corey Stone before the Senate Financial Institutions and Consumer Protection Subcommittee
The industry is critical in our economy. It promotes access to credit that consumers can afford to repay. Without credit reporting, many consumers likely would not be able to get credit.